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#2091604 - 08/04/16 04:45 PM Purchase secured by bare farm ground
jmyhmda Offline
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Joined: Jan 2013
Posts: 10
Our bank has a loan that is to an individual to purchase a rental property (dwelling). The collateral is bare farm ground. Would this be a HMDA reportable purchase or not reportable since the loan is not dwelling secured?

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#2091609 - 08/04/16 04:52 PM Re: Purchase secured by bare farm ground jmyhmda
Adam F Offline
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Adam F
Joined: Apr 2013
Posts: 420
VA
1003.2 - Home purchase loan means a loan secured by and made for the purpose of purchasing a dwelling.

If the loan is not secured by a dwelling it cannot be a purchase loan for HMDA.
_________________________
It is better to act cautiously beforehand than to suffer afterward.

The answers I give are my opinions. Not legal advice.

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#2091643 - 08/04/16 06:18 PM Re: Purchase secured by bare farm ground Adam F
jmyhmda Offline
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Joined: Jan 2013
Posts: 10
Thanks!!

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